Dorman Products, Inc.(NASDAQ:DORM)’s stock price decreased by 12.33(April 26, Market Close) over the last closing price of 111.34. The closing price as of April 26 was 99.01, 11.07% lesser than the previous closing price. The day’s range was 98.26 – 108.00 and the volume was 496,172.
Dorman Products, Inc.(NASDAQ:DORM) is a leading supplier in the automotive aftermarket industry. Dorman Products, Inc.(NASDAQ:DORM)’s stock price was high as 111.52 as of April 23. Since then, the price has been downwards sloping. The charts are all red. Dorman Products, Inc.(NASDAQ:DORM)’s pre-market price however seems good. It currently stands at 101.00 8:00AM EDT, April 27.
- Net sales of $288.0 million, up 12% as compared to $257.7 million in Q1 2020.
- Diluted earnings per share (“EPS”) of $1.02 up 46% as compared to $0.70 in Q1 2020.
- Adjusted diluted EPS* of $1.04, up 58% as compared to $0.66 in Q1 2020.
- Dorman’s strong balance sheet and ample liquidity provide a solid foundation for growth.
- For fiscal 2021, the Company expects net sales growth between 9%-12%, diluted EPS of between $4.32 and $4.52, and adjusted diluted EPS* of between $4.40 and $4.60.
First Quarter Financial Results
The Company reported first quarter 2021 net sales of $288.0 million, up 12% as compared to net sales of $257.7 million in the first quarter of 2020. Strong sales performance in the quarter was all organic and driven by robust customer demand.
Gross profit was $104.5 million in the first quarter of 2021, or 36.3% of net sales, compared to $84.8 million, or 32.9% of net sales for the same quarter last year. Adjusted gross margin* was 36.3% in the first quarter of 2021 compared to 33.0% in the same quarter last year. Gross margin expansion was driven by increased efficiencies as part of the Company’s ongoing efforts to streamline its end-to-end supply chain processes. Additionally, the Company benefitted from the absence of increased customer provisions that impacted gross margin in the prior year quarter. These benefits were partially offset by increased freight costs due to global transportation and logistics constraints.
Selling, general and administrative (“SG&A”) expenses were $62.9 million, or 21.8% of net sales, in the first quarter of 2021 compared to $59.7 million, or 23.2% of net sales, in the same quarter last year. Adjusted SG&A expenses* were $62.0 million, or 21.5% of net sales, in the first quarter of 2021 compared to $58.4 million, or 22.6% of net sales, in the same quarter last year. Approximately 170 basis points of the decrease in SG&A as a percentage of net sales was due to improved leverage from the $30 million increase in net sales in the first quarter of 2021 as compared to the first quarter of 2020. Additionally, Dorman drove increased operational efficiencies, which were partially offset by increased wage and benefit inflation as compared to the prior year quarter.
Income tax expense was $8.9 million in the first quarter of 2021, or 21.3% of income before income taxes, compared to $4.9 million, or 17.8% of income before income taxes, recorded in the same quarter last year.
Net income for the first quarter of 2021 was $32.7 million, or $1.02 per diluted share, compared to $22.8 million, or $0.70 per diluted share, in the prior year quarter. Adjusted net income* in the first quarter of 2021 was $33.4 million, or $1.04 per diluted share, compared to $21.3 million, or $0.66 per diluted share, in the prior year quarter.
Kevin Olsen, Dorman Products’ President and Chief Executive Officer, stated, “I am pleased to report a strong start to the fiscal year as we continue to execute on our strategic priorities. Our net sales performance was driven by robust demand, as we saw consistent order strength throughout the quarter. While we saw modest growth with ‘Do-It-For-Me’ focused customers, we saw particular strength with ‘Do-It-Yourself’ focused customers, consistent with trends across the automotive aftermarket. Our diversified supply chain and broad supplier network remain critical to delivering for our customers as pressures on the global supply network continue to cause logistical issues, including higher freight and material inflation costs. Despite those pressures, our focus on driving productivity across our operations continued to bear fruit, as we achieved significant year-over-year efficiency improvements, resulting in gross margin growth for the quarter. Finally, bringing new and innovative solutions to the automotive aftermarket remains a strategic priority for Dorman. Examples of some of the innovative solutions we recently launched during the first quarter include pre-pressed axles, blind spot detection modules, and cruise control distance sensors. We intend to continue to build on the strength of our new product development, including by capitalizing on the increased adoption of complex electronics in today’s vehicles, a key area of our innovation efforts this year.”
Apart From Bitcoin: AMC Theatres to Announces Allow ETH, LTC, and BCH as Payments, CEO Speaks
America’s largest cinema chain, AMC theatres, says that it will accept payments in more crypto assets except for just BTC. The entertainment giant originally announced that it would accept Bitcoin payments on August 9. In a statement on September 15, Adam Aron, the AMC Chief Executive, said the corporation would be extending the number of cryptocurrencies it would allow as payment methods. Aron affirmed that by the time BTC payments are billowed out ere the point of the year, AMC would also expect to accept Litecoin, Ethereum, and Bitcoin Cash. Adam tweeted that –
“Cryptocurrency enthusiasts: you likely know @AMCTheatres has announced we will accept Bitcoin for online ticket and concession payments by year-end 2021. I can confirm today that when we do so, we also expect that we similarly will accept Ethereum, Litecoin, and Bitcoin Cash.“
While the company’s August wages call, Aron also asserted that clients would also pay through Apple Pay and Google Pay by year’s end. However, neither of the tech oligopolies promotes crypto. At the time, he noted that many of the firm’s new retail investors were highly passionate about cryptocurrency. AMC shares mounted when they became a meme stock supported by retail traders on Reddit’s disgraceful WallStreetBets forum fresh this year. Share values were up a mountainous 2,242% since the year’s inception when they swapped at just 2 dollars. Over the former month, AMC stock has grown 37% to touch 46.86 dollars milestone as of the market close past, according to Yahoo! Finance. AMC stock mounted to an all-time high of 62.55 dollars before departing 25% to current levels in preceding June.
Furthermore, crypto-asset businesses have climbed higher throughout the morning’s Asian trading gathering. CoinGecko is inscribing a 3% increase in cumulative market capitalization, which has developed by 50 dollars billion to touch 2.26 trillion dollars at writing. Ethereum is presently influencing the high cap pack with a profit of 8% on the heyday, forging prices to record a weekly high of 3,675 dollars. ETH requires apparent permanence at the 3,900 dollar level to secure further meaningful gains, while on the downside, they must look for assistance at 3,200 dollars. Bitcoin has calculated 3% on the day to relinquish 48,260 dollars at the time of writing, following a precious cross and negotiating at its most precious level since the September 7 business depreciation.
Bitcoin and the entire crypto market seem unstoppable. As needless to say, Bitcoin was later adopted as legal tender shortly this month by the nation El Salvador. In any case, the world-first move was assailed by early-stage troubles, similar to a furious dissent by suspicious residents, innovative errors, and a dunk in the digital money obfuscated the rollout. The striking examination got off to a rough beginning when soon after midnight, Salvadoran President Nayib Bukele whined the public authority upheld Bitcoin application was not accessible on different Internet stages, including Apple and Huawei.
Top 5 Stock Price Gainers of May 17: US Stock Market
Consumer Automotive Finance, Inc. (OTCMKTS: NWAU)
Consumer Automotive Finance, Inc. (OTCMKTS: NWAU)’s stock price increased by 22.50%. The closing price as of May 16 was $0.0400, over which, the price increased by $0.0090 on May 17. The closing price as of May 17 stands at $0.0490. The opening price was $0.0625, the range was 0.0400 – 0.0625 and the volume was 199,804.
Apellis Pharmaceuticals, Inc. (NASDAQ: APLS)
The stock price of Apellis Pharmaceuticals, Inc. (NASDAQ: APLS) stands at $53.60 as of May 17. The price shows a growth of $8.80(19.88%) over the previous ( May 16) closing price of $44.26. The opening price as of May 17 was $49.01; the day’s range was 48.96 – 54.25. The volume was above average, being 6,234,624.
Globalstar, Inc. (NYSE: GSAT)
Globalstar, Inc. (NYSE: GSAT)’s closing stock as of May 17 stands at $1.3600. The price shows a growth of $0.2200 (19.30%) over the previous ( May 16) closing price of $1.1400. May 17’s opening price was $1.1000 and the day’s range was 1.1000 – 1.3800. The volume was 24,374,234, slightly above average.
Hecla Mining Company (NYSE: HL)
Hecla Mining Company (NYSE: HL)’s stock price increased by a huge amount of 16.53%. The previous price, i.e, May 16’s price was $7.56. The current price as of May 17, is $8.81 which is $1.25 more than the previous closing price. The opening price of May 17 was $7.73. The price range for the day was 7.65 – 8.88; the volume was 23,888,169.
Discovery, Inc. (NASDAQ: DISCB)
$80.18 is the current( as of May 17) stock price of Discovery, Inc. (NASDAQ: DISCB). The price shows a growth of $9.67 (13.71%) over the previous (May 16) closing price of $70.51. The pre-market price as of 4:04AM EDT, May 18 remains the same as the closing price of May 17, $80.18 .
TOP STOCKS GAINERS FOR MAY 12
AbCellera Biologics Inc. (NASDAQ: ABCL)
AbCellera Biologics Inc. (NASDAQ: ABCL)’s stock price increased by 8.74% over the previous closing price of $28.25. The price, as of May 12 closing price, is $30.72. The Pre-market price is stagnant as of 4:59 AM EDT, May 13.
UWM Holdings Corporation Class (NYSE: UWMC)
UWM Holdings Corporation Class (NYSE: UWMC)’s stock price increased by 8.96% on May 12. May 12’s closing price was $0.59 more than the previous ( May 11) closing price of $6.79. The opening price of May 12 was $6.74; the range was 6.70 – 7.61 and the volume was 9,919,270. However, the Pre-market price says a different story. The price has dropped, as of 5:35 AM EDT by 3.12% and currently stands at $7.15.
CVR Energy, Inc. (NYSE: CVI)
CVR Energy, Inc. (NYSE: CVI)’ stock price as of May 12 was $22.77, which is $1.79 more than the previous closing price of $20.98. The day’s range was 22.02-23.90 and the volume was 1,595,046. The opening price as of May 12 was $22.96.
Intercorp Financial Services Inc. (NYSE: IFS)
Intercorp Financial Services Inc. (NYSE: IFS)’s stock price increased by 11.31%. The closing price as of May 12 was $29.43, which is $2.26(8.32%) more than the previous closing price of $27.17. The volume was 82,164 and the range was 27.16 – 29.86. The opening price of May 12 was $25.14.
Pershing Square Tontine Holdings, Ltd. (NYSE: PSTH)
Pershing Square Tontine Holdings, Ltd. (NYSE: PSTH)’ stock price increased by a good amount of 7.33%. The closing price as of May 12 was $24.38, which is $1.75 more than the previous closing price of $22.63. The price has dropped as of 5:17 AM EDT, May 13, Pre-market, and stands at $24.22.
General News7 months ago
VYGVF’s Stock Price Decreased by 16.08%: Here’s How it Happened
Market News7 months ago
Ultra Clean Holdings, Inc. (NASDAQ: UCTT) Stock Prices Decreased by 10.47%: Here’s How It Happened
General News1 year ago
New WhatsApp Feature Enables same Account on Multiple Devices
General News7 months ago
AMC stock price bounced back( 13.35% growth): Here’s Why it happened
Market News6 months ago
IMAB Stock Price News: 11.00% Increase
Market News7 months ago
Li Auto Inc. (LI) Stocks News: LI Stock Price Is Trading Over $22.68
Market News7 months ago
FUTU Holdings Stock Price Increased : Gain Of 10.43%
Market News6 months ago
Top 5 Stock Market Gainers: WW, BCRX, HOME, GOLF, SBH